XRP Breaks Below $2.20 Support, Bears Take Control
XRP price has initiated a fresh decline, falling below critical support levels of $2.250 and $2.20. The cryptocurrency is currently consolidating losses while remaining vulnerable to further downward pressure.
The digital asset is now trading below both the $2.220 mark and the 100-hourly Simple Moving Average , indicating a strengthening bearish trend. Technical analysis reveals a key bearish trend line forming with resistance at $2.20 on the hourly chart of the XRP/USD pair, based on data from Kraken.
Analysts suggest the pair may continue its downward trajectory unless it achieves a close above the $2.30 resistance zone.
"The current price action shows multiple bearish indicators," noted one market observer. "XRP is struggling to maintain position above even the 23.6% Fibonacci retracement level of the recent downward movement."
XRP initially failed to sustain momentum above the $2.350 resistance zone before beginning its current decline, mirroring similar movements in Bitcoin . The price subsequently broke below support at $2.25 and $2.20, eventually dipping below the $2.120 level to enter what traders consider a bearish zone.
A low point was established at $2.0220, with the cryptocurrency now fighting to maintain position above the $2.00 psychological barrier. On the upside, analysts identify potential resistance near $2.120, with the first major resistance level positioned at $2.20 or the 50% Fibonacci retracement level of the downward move from the $2.363 swing high to the $2.022 low.
Beyond these levels, additional resistance stands at $2.30. A definitive break above this threshold could potentially propel the price toward $2.350. Further gains might extend to the $2.420 or even $2.450 range in the near term, with the next significant hurdle for bulls positioned at $2.50.
Should XRP fail to overcome the $2.20 resistance zone, another decline could materialize. Initial support appears near the $2.020 level, with the next major support positioned at the psychologically important $2.00 mark. A downside break and close below $2.00 could accelerate the decline toward $1.9650 support, with further potential for movement toward the $1.880 zone.
Technical indicators reinforce the bearish outlook. The hourly MACD for XRP/USD is gaining momentum in the bearish zone, while the hourly Relative Strength Index (RSI) has fallen below the 50 level.
Major support levels to watch include $2.020 and $2.00, while key resistance levels are established at $2.20 and $2.30.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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